Can I Pay Life Insurance With A Credit Card?

  1. 63333 POINTS
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    Peggy MacePRO
    Most of the U.S.
    Whether or not you can pay your life insurance premium with a credit card depends on the rules of the company through which the policy is being purchased. Many companies allow credit card payment for premiums that are paid in a mode other than monthly (i.e. quarterly, semi-annually, or annually). Discuss the form of payment with your agent before you purchase the policy, so that you do not end up losing your policy simply over the inability to pay the premium in the manner required by that company.
    Answered on March 7, 2014
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  2. 5877 POINTS
    Stan Cox II
    Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
    Some insurance companies will not accept credit cards for payment of premiums. Some will. Typically if you pay your premiums annually, semi-annually or quarterly many providers will accept credit card payment. It seems the biggest issue with credit cards is that people tend to forget about updating their information as needed with the companies they pay by credit card. When a card expires and is replaced with a new expiration date, the previous card is no longer useable. Sometimes people will delete a credit card account that was being used for automatic payments and not inform their creditor of a replacement card. It creates a lot of accounting headaches. So insurance companies prefer to debit from checking or savings accounts.
    Answered on May 7, 2015
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